“They’re a fast-growing fintech company run by great people, and I think they’re also at an inflection point in their organization,” Tanke said. “There were a lot of synergies when we met.”
The two organizations also have some connections. Sezzle co-founder Paul Paradis used to work for the Wolves.
Sezzle, a publicly traded company, has developed a digital platform that allows consumers to make installment payments for purchases ranging from groceries to furniture. Sezzle reported revenue of $56 million and net income of $29.7 million for its most recent second quarter. Founded in 2017 in Minneapolis, the company said it expects revenue of $159.3 million in 2023, up 27% year-over-year.
As of June 30, Sezzle had 2.6 million active users in the U.S. and Canada. The placement on the Wolves jersey will expose Sezzle to millions of sports fans who could become potential users of the app.
According to a recent Nielsen survey, 40% of fans visited a brand’s website after seeing the sponsorship, nearly a third of them actually bought something from the brand because it was associated with sports, and nearly 70% said they were more likely to remember a company’s name if it sponsored a sport they were interested in.
Matt Balvanz, senior vice president of analytics and innovation at Navigate, a Chicago-based sports and entertainment consulting firm, called the partnership “a pretty smart deal by any measure.” The NBA recently signed a new television rights deal worth $76 billion and the Wolves have one of the fastest-growing fan bases in the NBA due to their recent playoff run and the popularity of their star player, Anthony Edwards, he said.
